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Monday, March 19, 2012

What a prophesy!

In an article 2 months ago, Felix Salomon said: "Bondholders, in general, have a lot of experience going up against Walker, Buchheit, and Cleary generally. And whenever that’s happened, the sovereigns have won, and the bondholders have lost".

Well, reading that article with the benefit of hindsight, one can only conclude that this was a phenomenal prophesy.

In another article, Lee Buchheit warned against putting in place retroactive CAC saying "how opportunistic this would look, not to mention the precedent that would be set in Greece and elsewhere in the periphery".

With the benefit of hindsight some years from now, that will turn out to have been a phenomenal prophesy, too!